ACC 205 Intermediate Accounting I Course Objectives:

1. The student will demonstrate a working knowledge of the conceptual framework of accounting.
2. The student will demonstrate a working knowledge of the regulatory agencies in both the public and private sectors of the economy.
3. The student will demonstrate his/her understanding of the balance sheet by properly classifying assets, liabilities and equity accounts and preparing a balance sheet, in report form, for grading purposes.
4. The student will demonstrate his/her understanding of the income statement by properly classifying revenue and expense accounts and preparing an income statement, in report form, for grading purposes.
5. The student will demonstrate his/her knowledge of the importance of cash flows by properly classifying sources and uses of cash and presenting a statement of cash flows, in report form, for grading purposes.
6. The student will be introduced to the time value of money and the concepts of present and future values of invested dollars and annuities.
7. The student will demonstrate an understanding of managing cash, establishing a petty cash fund and managing temporary investments.
8. The student will develop an understanding of accounts receivables and receivables management.
9. The student will develop an understanding of and demonstrate the treatment of uncollectible accounts, using the direct and indirect method.
10. The student will demonstrate an understanding of business inventory, calculating that amount using the periodic and perpetual methods.
11. The student will calculate inventory using the LIFO, FIFO, Average Cost and other methods.